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Back in 1991, when I worked for Ed Seykota (one of the famed “market wizards”), he was actively trading futures. I don’t remember the exact circumstances, but I do remember that there was one particular market he was anticipating a trade on, but his signal never hit. It turns out (again, for a reason I don’t quite recall) that his chart wasn’t even being updated, so he was steadfastly checking it each day for a signal that never appeared. That’s because the chart was basically an oil painting. It never changed.
This is going to be one of those “personal” posts that has nothing to do with patterns, trendlines, volume, China, Yellen, Greece, the Troika, or any of the other dozens of topics which we beat to death on a regular basis each day here on Slope.
First order of business: I’m going to be taking one of my all-to-rare vacations over the coming eight days. Old timers here know that my “warnings” about me being away rarely mean much, since I tend to keep the posts flowing fairly actively, but if you notice I’m not as around quite as much as usual, well, that’s the reason.
Well the Greeks called the EU’s bluff at the weekend, and after all the tough talk last week it appears that either the EU was bluffing about forcing a grexit, or they’re planning to just ignore the vote and try to agree a deal much along the lines of the one that the Greeks just rejected.
There are some great collective nouns out there such as a murder of crows and a pantheon of gods, but as far as I am aware there is as yet no collective noun for a group of EU ministers. This is an obvious gap to be filled and my suggestion for this is a ‘shambles of EU ministers’. No doubt this will catch on.